Leader Mining picks up Knife Lake copper property in N.E. Saskatchewan

Alberta-listed Leader Mining International has taken an option on the Knife Lake copper property in northeastern Saskatchewan from Copperquest (CDN).

Leader will spend $1 million on exploration over three years to earn 80% and can earn an additional 20% by spending another $1 million. In return, Copperquest will receive $85,000 cash and retain a 2% net smelter return royalty.

The copper deposit at Knife Lake contains drill-indicated reserves of 6 million tonnes grading 1% copper per tonne, as well as two untested geophysical targets. Drilling will enable Leader to establish a minable reserve figure and provide data for a feasibility study.

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